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The outlook for Cable is now neutral, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD‘ s outlook is pretty neutral. It recently has not sustained a break of its short term uptrend, but equally it has not done enough to break higher either”.

“The market has recently recovered just ahead of Fibo support at 1.2905 and attention is now on minor resistance at 1.3218 and 1.3298 the September high”.

“Below 1.2905 there is scope for a slide back to the 78.6% retracement at 1.2798/85 and the 6 th September low. This is seen as the last defence for the 1.2662 August low”.